Silver Bay Realty Trust Corp.NYSE
Wed, Oct. 5, 11:24 AM
- A number of Wall Street names are backing off (or at least slowing) bets on single-family rentals, and there's plenty of talk of rent growth slowing, but Pretium Partners - headed by former Goldman senior partner Donald Mullen - isn't having any of it.
- Source: Ryan Dezember in the WSJ
- We believe tight credit availability is preventing new households from being able to obtain mortgages to purchase their first home,” says Pretium in its latest pitch book. “Households that have been unable to obtain mortgages have become renters, thus driving high occupancy rates and robust rent growth.”
- Pretium is raising money for its third fund dedicated to residential real estate. The first fund raised $1.2B in 2012 and purchased over 16.5K homes; fund two in 2014 raised $900M for 14K non-performing loans.
- With foreclosures down sharply, the company is buying far fewer properties on the courthouse steps, and more on the open market. Pretium acknowledges great deals aren't as easy to find, but still feels it can earn adequate long-term returns by focusing on the right markets.
- A check of some other players finds Blackstone (NYSE:BX) has slowed its buys to about 20 per week. Colony Starwood (NYSE:SFR) sold more homes than it purchased in Q2. American Homes 4 Rent (NYSE:AMH) this week sold a small portfolio of Atlanta-area houses.
- Other parties: SBY, RESI
Thu, Sep. 29, 4:24 PM
- Silver Bay Realty (NYSE:SBY) CFO Christine Battist has departed the firm, with the company saying the exit is not the result of any dispute or disagreement.
- Her duties will be taken over by Chief Accounting Officer Julie Ellis and EVP of Finance Griffin Wetmore. Both have been with the company since 2012, and were elevated to their current positions earlier this year.
Mon, Sep. 26, 9:38 AM
- With Silver Bay (NYSE:SBY) up about 50% from the February market low, JPMorgan recommends taking some profits with a downgrade to Neutral from Overweight.
- Shares are lower by 2.3% in early action.
Thu, Sep. 22, 4:25 PM
Wed, Sep. 21, 8:16 AM
- The roughly 320 homes in the core company markets of Atlanta, Tampa, and Orlando were purchased for $41.5M in cash, with funding from Silver Bay's (NYSE:SBY) existing $400M credit facility. The company intends to use proceeds from future non-core property sales to pay down portions of this to maintain its long-term leverage target.
- Back to the purchased properties ... Occupancy is about 95% and average existing rents are $1,215 per month. The purchase price per square foot is $72.
- The deal is expected to close in 15-30 days.
Wed, Aug. 3, 4:56 PM
- Q2 core FFO of $7.8M or $0.21 per share vs. $54.4M and $0.18 one year ago.
- NOI of $18.1M vs. $16.8M. Core NOI margin of 57.8% up 160 basis points.
- Same-home NOI of $12.56M vs. $11.2M. Same-home core NOI margin of 57.2% up 280 basis points.
- Total homes owned of 8,911 vs. 9,261 a year ago. Same-home portfolio of 5,942 in both periods. Same-home occupancy rate of 97.7% up 140 bps. Average monthly rent of 1,250 vs. $1,207.
- Average change in rent for re-leases on same-home portfolio of 7.8% vs. 5.3% a year ago. Average change for renewals of 3.1% down from 3.4%. Trailing twelve month turnover of 29.6% up from 28.3%. Retention rate of 79.8% vs. 79.7%.
- CC tomorrow at 10 ET
- Previously: Silver Bay Realty beats by $0.01, revenue in-line (Aug. 3)
- SBY flat after hours
Wed, Aug. 3, 4:27 PM
Tue, Aug. 2, 5:35 PM
- AEL, AGO, AGU, ALB, ALIM, ALL, ANDE, AREX, ATO, AWK, AWR, BBRG, BFAM, BGC, BIO, BKH, BNFT, BREW, BYD, CABO, CBPX, CCRN, CDI, CECO, CF, CHDN, CIM, CLR, CNAT, CODI, CPA, CSGS, CSII, CTL, CXW, DENN, DEPO, DK, DKL, DPM, ECR, EPE, EPR, EQIX, ERII, ETE, ETP, EVC, EVHC, EXAR, EXEL, EXTR, FIVN, FOXA, FRGI, FRSH, FSLR, G, GBDC, GDDY, GERN, GPOR, HABT, HASI, HI, HIL, HIVE, HLF, HOS, HR, HRTG, HUBS, IAG, IL, INOV, IO, IRG, ITRI, JACK, JCOM, JONE, JRVR, LGCY, LHCG, LNC, LPI, MASI, MC, MED, MET, MNR, MRO, MTDR, MUSA, MWA, NBIX, NKTR, NLY, NNBR, NP, NSIT, NSTG, OAS, OME, OSUR, PDM, PE, PEGA, PMT, PODD, PRA, PRU, PRXL, QLYS, QTWO, QUIK, REXR, RICE, RIG, RIGP, RLJ, RMP, RNG, RP, RST, RYN, SBY, SEMI, SGMO, SNCR, SQ, SQNM, SRC, SSS, STAA, STR, SUN, SWM, SXL, TCAP, TDOC, TEAR, TEP, TLLP, TRIP, TRNC, TROX, TS, TSLA, TSLX, TSO, TTEC, TWO, UHAL, VTAE, VVC, WCN, WGL, WMC, WPG, WPX, WU, XEC, XPO
Tue, Jul. 26, 11:08 AM
- The single-family rental names have never really caught on with investors, but Silver Bay Realty (NYSE:SBY) has been able to put together a nice rally this year, up more than 40% from the February lows.
- Compass Point takes the opportunity to downgrade to Neutral from Buy. Shares are lower by 1.1% in today's session.
Mon, Jul. 18, 8:23 AM
- Invitation Homes would go public as a REIT. It's the largest single-family landlord in the country, having picked up about 50K homes in the aftermath of the housing crash.
- Other players which came public well before Invitaiton include American Homes 4 Rent (NYSE:AMH), Colony Starwood (NYSE:SFR), and Silver Bay Realty (NYSE:SBY).
- There's also Altisource Residential (NYSE:RESI), which is not yet commonly thought of as in the single-family rental business, but is expected to own 4K properties by the end of Q3, 10K by year-end, and maybe 20K-25K by the end of 2017.
Tue, Jun. 21, 4:25 PM
Wed, May 18, 2:42 PM
- The yield on these income-producers may be about to face some more competition as the FOMC minutes suggest a June rate hike is on the way. The IYR is now lower by 2.2%.
- Individual names: Realty Income (O -3.2%), Welltower (HCN -4.1%), Omega Healthcare (OHI -3.3%), HCP (HCP -3.5%), Medical Properties (MPW -3.3%), Vereit (VER -3.5%), Equity Residential (EQR -1.2%), AvalonBay (AVB -1.8%), SilverBay Realty (SBY -1%), Public Storage (PSA -2.2%), Boston Properties (BXP -3.1%), Hospitality Properties (HPT -2.2%), Pebblebrook Hotel (PEB -3.8%), Stag Industrial (STAG -2.2%)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, FRI, DRA, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
- Previously: Mortgage REITs dive on FOMC surprise (May 18)
Wed, May 4, 4:45 PM
- Q1 core FFO per share of $0.19 up from $0.12 one year ago. Dividend is $0.13. NOI of $17.6M up from $11.9M. NOI as a percent of total revenue of 56.5% up from 53.4%. Same-home NOI of $12M vs. $11.3M.
- Company owns 8,702 leased properties, up from 6,329 a year ago.
- Aggregate occupancy of 96.9% vs. 92.2% a year ago; same-home occupancy of 97.6% vs. 96.3%.
- Average monthly rent of total portfolio of $1,178 vs. $1,200; same-home of $1,238 vs. $1,197.
- Rent increases of 4.8% on new move-ins and 3.3% on renewals.
- 545K shares bought back during quarter for $7.9M.
- Conference call tomorrow at 10 ET
- Previously: Silver Bay Realty EPS in-line, beats on revenue (May 4)
- SBY flat after hours
Wed, May 4, 4:31 PM
- Silver Bay Realty (NYSE:SBY): Q1 EPS of $0.19 in-line.
- Revenue of $31.1M (+39.8% Y/Y) beats by $0.07M.
Tue, May 3, 5:35 PM
- AGO, ALDW, ALIM, ALJ, ALL, ANDE, ARCW, AREX, ARRS, ATO, AUY, AWK, AWR, BNFT, BREW, BRKR, CB, CBPO, CCRN, CDI, CECO, CENT, CF, CLR, CODI, CONE, CPE, CPSI, CSII, CSOD, CTL, CTLT, CUZ, CW, CWST, CXO, CXW, DAC, DOX, DPM, DVA, ECR, EPM, EQC, EQIX, ES, ETE, ETP, EXEL, FEIC, FICO, FIT, FLT, FLTX, FNV, FOXA, FRPT, FRSH, FRT, GDDY, GDOT, GHDX, GIL, GPOR, GTY, HABT, HASI, HDP, HIL, HIVE, HOS, HR, HRTG, HUBS, IAC, INFI, IO, IRG, JONE, KHC, KND, KONA, KTOS, KW, LGCY, LHCG, LNC, LNT, LPI, LPSN, LXU, MAA, MASI, MATX, MCHP, MCK, MED, MET, MHLD, MNR, MRO, MTRX, MTW, MUR, NCMI, NLY, NVAX, OHI, OME, ORA, OREX, OSUR, PAA, PAGP, PDLI, PE, PEIX, PHH, PNNT, PRI, PRU, QRVO, QUIK, RICE, RIG, RLJ, RLYP, RP, RRTS, RST, RYN, SBY, SKUL, SQNM, SRC, SUN, SWM, SXL, SZYM, TASR, TCAP, TEAR, THG, TLLP, TPC, TPUB, TRIP, TROX, TSLA, TSLX, TSO, TWO, VECO, VNDA, VRNS, WBMD, WFM, WFT, WGL, WMB, WMGI, WPG, WPX, WTI, WTS, WTW, XEC, XOXO, YUME, ZNGA
Wed, Mar. 23, 4:21 PM
- Silver Bay Realty (NYSE:SBY) declares $0.13/share quarterly dividend, in line with previous.
- Forward yield 3.68%
- Payable April 15; for shareholders of record April 4; ex-div March 31.